Masdar Signs Strategic Agreement with Petronas to Explore Renewable Energy Opportunities in Asia

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Masdar, one of the world’s leading renewable energy companies and a subsidiary of Mubadala Investment Company, and PETRONAS, a global energy and solutions company, announced that they have signed a Memorandum of Understanding (MoU) to explore renewable energy opportunities across Asia and beyond.

The two companies have agreed to explore joint participation in a range of areas, with a focus on utility-scale renewable energy, including ground-mounted and floating solar projects, as well as offshore wind projects in Asia, and potentially other regions and other technologies. Apart from Malaysia, the companies are also interested in countries in the region that have pledged to accelerate the development of renewable energy, including Vietnam and Taiwan.

“This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “We look forward to collaborating with PETRONAS, a world leader in the energy sector and a company committed to sustainable development, to meet the growing demand for renewable energy solutions across the region.”

PETRONAS President and Group Chief Executive Officer Tengku Muhammad Taufik Tengku Aziz said “PETRONAS’ MoU with Masdar marks another milestone in our existing partnership with Mubadala, which will now include a focus on renewables and green hydrogen. We are pleased to collaborate with Masdar which shares the same commitment towards a low-carbon agenda. In line with our Statement of Purpose, we look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition.”

PETRONAS currently has over 1GWp of solar capacity in operation and under development for commercial and industrial customers in India and Southeast Asia. In Malaysia, PETRONAS has embarked on solar rooftop solutions and has over 90MWp of capacity under development for commercial and industrial customers.

Last year, Masdar made its first investment into Southeast Asia, signing a power purchase agreement with PLN, the state electricity company in Indonesia, for the first floating solar photovoltaic plant in the country. In December, it announced the formation of a joint venture company to develop the 145-megawatt (ac) project – the largest of its kind in the region. Also last year in Indonesia, Masdar submitted the lowest tariff for the Saguling floating solar photovoltaic 60-megawatt (ac) project in the context of the Hijaunesia tender process, highlighting Masdar’s commitment to investing and growing in the region.

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